Libero Copper Corp. (LBC:TSX.V:, LBCMF:OTCQB ) recently announced it has completed the transaction with B2Gold Corp. to acquire 100% of the Mocoa porphyry copper-molybdenum deposit in Colombia. Libero has issued 10,400,000 shares comprising a 19% stake in Libero Copper and a 2% royalty on the project.
B2Gold will have a right to participate in future equity financings to maintain its current stake.
Additionally, Libero has a right of first refusal on a sale of the royalty.
The Mocoa deposit inferred resource at a cut-off of 0.25% copper equivalent is 636 million tonnes of 0.45% copper equivalent, including 4.6 billion pounds of copper and 511 million pounds of molybdenum.
The Mocoa deposit takes its name from town of Mocoa, which is 10 km away and is near the Ecuador border. B2Gold has already conducted diamond drill programs there, 5,123 meters in nine holes in 2008 and 1,768 meters in three holes in 2012.
The Mocoa deposit lies in the Eastern Cordillera of Colombia, a 30-kilometer-wide tectonic belt. This area is also the site of Mirador (438 million tonnes measured and indicated at 0.61% copper and 235 million tonnes inferred at 0.52% copper), San Carlos (600 million tonnes inferred at 0.59% copper) and Panantza (463 million tonnes inferred at 0.66% copper).
Drill tests there have shown the copper concentrate had a grade of 24% copper with a recovery of 86% and the molybdenum concentrate had a grade of 55% molybdenum with a recovery of 83%.
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